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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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UK department store Debenhams is considering a £150m loan offer from its potential acquirer Sports Direct, in a deal that could bypass lending banks and see leadership of the company fall to Mike Ashley.
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Several CLO issuers in the US and Europe have come to depend on Japanese investors to anchor triple-A tranches, but observers say Japan’s banks may no longer be able to soak up foreign paper if a bubbling banking crisis forces banks to clean up their act at home.
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The bullish mood in credit markets is sweeping through high yield bonds, enabling issuers, like their investment grade counterparts, to crank pricing several notches tighter during bookbuilds.
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Tetragon Credit Income Partners announced on Wednesday that it had closed its third CLO fund aimed at acquiring majority stakes in CLO equity tranches.
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French nuclear firm Orano has increased the size of its syndicated loan and added another lender to its banking group, as some loans officials said that only names further down the credit curve are growing the number of lenders they use.
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Corporate debt markets are behaving as if Brexit didn’t exist. Issuers are swimming in demand that astonishes seasoned observers — and market participants, though they may be scratching their heads in puzzlement at the UK’s erratic career, are unanimous that business can go full steam ahead.
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